The slowdown in the labor market gave pause but also raised hopes that the Federal Reserve will be less likely to begin raising interest rates any time soon.

"A very disappointing employment report is going to make life a lot easier for Janet Yellen and the more dovish wing at the Fed," said Alan Ruskin, an analyst at Deutsche Bank.

The S&P 500 index ended up 10.06 points, 0.5%, to 2007.71, a record closing high on the heels of a record closing high a week ago today. The benchmark index broke a three-day losing streak.

The Dow Jones industrial average gained 67.78 points, 0.4%, to end at 17,137.36, and the tech-laden Nasdaq composite index finished up 20.61 points, 0.5%, to 4582.90.

The yield on the 10-year Treasury note also reversed course and was up to 2.46% from 2.45% late Thursday. Earlier, the yield fell as low as 2.39%.

Overseas, Asian markets were mixed, with Japan's Nikkei index down 7.50 points, or 0.1%, to 15,668.68 and Hong Kong's Hang Seng index down 57.77 points, or 0.2%, to 25,240.15 and the Shanghai Composite up 19.57 points, or 0.9%, to 2326.43.

European benchmarks were mixed, with Britain's FTSE down 0.3% to 6855.10 and France's CAC-40 falling 0.2% to 4486.49. Germany's DAX was up 0.2% to 9747.02.

Thursday, stocks closed lower as the Dow fell 8.70 points, or 0.1%, to 17,069.58 and the S&P 500 dropped 3.07 points, 0.2%, to 1997.65. The Nasdaq fell 10.28 points, 0.2%, to close at 4562.29.